rates are up. went from 180 to testing 190. the bund violated 160, hasn't done that for a while. europe's growth is calming down and foreign exchange, all about whose printing press is faster. breached 120 on the euro, a big deal. breached 90 on the dollar/yen so the japanese are definitely devaluing their currency, but to be fair, it was just last year that the dollar reached a record low on the end, so if you take a wide enough view, you know, the japanese aren't mistaken, say, and they are just trying to price it more accurately. the problem is once this machine gets going of printing and weakening, how does it ever stop? >> yeah. how much of this rally lately that we've been talking about here has been fundamental and how much is just the greasing by the fed, do you think? >> well, look, i think the liquidity backdrop is the ultimate context where all the rest is going on.